Another sign of the dynamism of the care space, Control obtained a capital injection from the company PE Rockbridge Growth Stocks. The agreement will allow CheckedUp, which recently celebrated its 10e anniversary, to increase its investment in condition-specific content and technology. The companies refused to disclose the terms of the deal.
The seeds of the partnership were planted in mid-2021, when CheckedUp hired an advisor to assess potential sources of growth capital. The highly regarded Rockbridge investor in the digital out-of-home network Gas station television, turned out to be a natural fit.
“They are smart and know how to scale out-of-home businesses,” said CEO and co-founder of CheckedUp. Dr Richard Awdeh, an ophthalmologist. “We were quick friends and quick partners.
Rockbridge Managing Partner Kevin Prokop noted the “thoughtfulness, determination” with which CheckedUp has grown its business in recent years, as well as the growing demand for smarter and more specifically targeted educational and promotional content.
“More and more advertisers see digital signage as an important game. They think about reaching people with video content at the most important points in the decision-making cycle, ”he explained. “The trends are even more acute at the point of service. Pharmaceutical companies are finding it increasingly difficult to reach healthcare providers and end consumers. “
CheckedUp’s focus on four therapeutic verticals – ophthalmology, dermatology, rheumatology and oncology – has contributed to the recent growth of the company, especially among content overloaded specialists. Awdeh feels their pain: “I’m a surgeon, so if I walk into an exam room and see some rheumatology content, well, I don’t want to talk about it, because I haven’t talked about it since then. ‘medicine School.
This is one of the reasons why CheckedUp requested the injection of capital: the company hopes to develop in other therapeutic specialties. Other uses of the money will likely include additional investment in technology (CheckedUp already has its entire software stack, Awdeh noted) and, potentially, acquisitions (“whether at the point of service directly or in technology, ”added Prokop).
PE companies have been contemplating point-of-service space for some time now, starting with two major deals in 2019. That year, Littlejohn & Co. acquired a majority stake in the then besieged Outcome Health (which was merged with PatientPoint last March) and Westview Capital Partners invests in Health Monitor Network. Meanwhile, even as many offices closed in the first months of the pandemic two years ago, point-of-care organizations have continued to thrive.
All this to say: it’s a safe bet that other transactions of this nature are on the immediate horizon.
“There is a lot of white space in our specialty areas, so we will be looking for more,” said Prokop. “I am enthusiastic about the opportunity to bring complementary skills and networks. “
Awdeh agreed, adding that CheckedUp will continue to focus on transparency. – still a major priority for the players in the service point in the wake of the Outcome Health scandal which marred the chain’s position with retailers.
“Our partners want to know what they get from their campaigns with us. The transparency and the reports they expect – we want to lead this, ”Awdeh stressed. “If there is one point of service characteristic that can change over the next five to ten years, this is it. “